Sorry - the Helicopter Just Has to Go
Wednesday, January 28, 2009
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A classic example of how a business can raise finance from the sale of surplus assets - and cut overheads at the same time…
Sir David Jones, the new chairman of embattled retailer JJB Sports has ordered the sale of the chain’s two corporate helicopters in an attempt to shave £1m a year off the company’s overheads.
JJB’s Agusta 109 has already been sold to a Middle Eastern buyer for £4m and the other is on the market,
Sir David began an immediate review of JJB when he took over as chairman at the start of January 2009. He is looking to slash its costs and reduce its debts while aiming to restore it to profitability.
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